In the pursuit of digital transformation, one of our clients recognised the need to upgrade its financial systems to stay competitive and agile. With legacy systems at the heart of its financial operations, transitioning to Workday was a strategic move to enhance efficiency, scalability, and real-time insights.
However, this journey was not without its challenges, including disparate data sources, data quality concerns, and the complexity of data reconciliation. This case study outlines how we worked with the client to successfully navigate these hurdles and to seamlessly integrate legacy financial data into Workday.
Challenge One: Disparate Data Sources
Analysis:
The source data was produced by legacy systems operating in silos, each using different databases, structures, and conventions. Extracting meaningful data for integration into Workday required a careful analysis of each data source to understand the variations in formats, units, and terminology and translate them into a target schema.
Solution:
We implemented a phased approach, tackling each integration in turn, starting with a comprehensive data mapping exercise. This involved identifying the data elements from legacy systems, creating a unified schema compatible with Workday, and developing transformation processes to ensure data consistency.
Often data was missing and had to be augmented during the integration process from additional sources held in external systems. Regular communication and collaboration between IT and finance teams was maintained to address challenges as they arose.
Challenge Two: Data Quality Concerns
Analysis:
Legacy systems, having been in operation for several years, were susceptible to data quality issues. Inconsistent data entry practices, outdated records, and missing information posed a threat to the reliability of financial data in Workday.
Solution:
To address data quality concerns, we initiated a data validation process. This involved validating data against predefined rules, rejecting and rectifying anomalies. Automated data validation tools were employed, but human oversight was crucial to interpret nuanced discrepancies. Regular audits and validation checks were standard practice throughout the integration suite and have become part of the BAU process.
Challenge Three: The Complexity of Data Reconciliation
Analysis:
Data reconciliation between legacy systems and Workday presented a complex challenge due to differences in processes, documentation, and data formats. Balances and transactions needed meticulous validation to ensure accuracy.
Solution:
We adopted an incremental implementation strategy, allowing for testing and validation at each stage. Automated reconciliation tools were developed to streamline the process, but we recognised the importance of human expertise in interpreting complex discrepancies and nuances of the source and target systems. A cross-functional team comprising IT, finance, and reconciliation experts worked collaboratively to identify, analyse, and resolve reconciliation issues.
Results:
Successful Data Integration: The phased approach to data mapping and transformation ensured a smooth transition, minimising disruptions to ongoing financial operations.
Enhanced Data Quality: Rigorous data validation processes significantly improved the accuracy and consistency of integrated financial data in Workday. Regular audits and validations became integral to maintaining data quality.
Streamlined Reconciliation: The incremental implementation strategy, coupled with automated reconciliation tools and a dedicated cross-functional team, resulted in efficient and accurate reconciliation processes.
User Training and Adoption: Investment in employee training equipped our staff with the skills needed to navigate the new Workday environment and its data. This contributed to a quicker adoption of the system and a reduction in errors.
Conclusion:
Navigating the integration of legacy financial data into Workday presented formidable challenges, but our organisation's commitment to thorough planning, data quality assurance, and collaborative problem-solving ensured a successful outcome. The case study serves as a testament to the importance of strategic implementation and the value of addressing challenges head-on to unlock the full potential of modern financial systems.